Supply and Demand - PTA supply is tightening as Jia Tong's 3 million tons capacity resumes and Shandong Weilian's 2.5 million tons unit increases load, leading to a PTA load increase to 76.9% (+4.4%) [3] - Demand is also rising with the opening of a long filament unit and a bottle chip unit, pushing polyester comprehensive load to 95.3% (+1.1%) [3] - The operating rates in Jiangsu and Zhejiang are improving, with texturing, weaving, and dyeing loads at 80% (+3%), 68% (+3%), and 77% (+4%) respectively [3] Market Outlook - The PTA market is expected to remain tight in the short term due to concentrated maintenance of PTA units and high polyester operating rates [4] - However, with PTA units set to restart in late May and unclear future maintenance plans, there are concerns about potential weakening in supply-demand dynamics as downstream polyester products face losses [4] - Strategies suggest that TA09 may face short-term pullback pressure, but supply-demand remains strong, indicating high-level fluctuations [4]
PTA：供需驱动偏强 但油价支撑有限 PTA继续上涨乏力
Jin Tou Wang·2025-05-16 03:06